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The number of consistently underperforming superannuation and managed funds in Australia has fallen to 521, down from 638 in 2016, according to a new Stockspot report. The StockspotFat Cat Funds Report, which aims to call attention to consistently underperforming Australian superannuation and managed funds, dubs the worst-offending group as ‘Fat Cat Funds’. The report defines a ‘Fat Cat Fund’ as a superannuation fund that has consistently underperformed its peers over one, three and five years, with returns that have underperformed by 10 per cent or more over the five-year analysis period.

Among the 4,102 funds analysed, it was found that the number of ‘Fat Cat Funds’, the amount of money managed and percentage of fees charged had all fallen since last year, which Stockspot founder Chris Brycki described as “good news”. “This [is] due partly to attrition (funds closing), partly luck (funds don’t qualify as Fat Cats if they just have one good year of performance), and partly due to some funds reducing their fees,” Mr Brycki wrote in the report. “The unfortunate news is that 521 Fat Cat Funds still exist and $45.6 billion is trapped inside them.”

Australia’s Equity Trustees is acquiring a 60% stake in UK funds services company Treasury Capital in a move that has been described in the Australian press as “marking its first step toward global expansion”. Treasury Capital is a provider of fund administration and regulatory services, and authorised corporate director services for undertakings for collective investments in transferrable securities (UCITS). It is being seen as a signal of intent on behalf of EQT to tackle the UK/Ireland markets, and from there Europe, while Treasury Capital joint chief executive Kevin Lavery, was also bullish, saying: “Becoming an EQT partner business allows us to accelerate our already ambitious growth plans and moves us closer to reaching our mission of becoming the premier provider of Fund Operator services in both the UK and across Europe.”

Lavery said that the deal meant expansion thanks to support and capital backing of “one of the largest players in our space globally”.

Suncorp has announced that its acting head of wealth and life intermediaries Dan Waller will remain in his position permanently. Waller, who has been acting in the role since June, has more than 28 years’ experience in the financial services industry and has been with the company since 2014 in the role of national key account and group insurance manager. He has previously held management roles with a number of other large financial services providers including ING and ANZ-owned insurer OnePath.

Suncorp executive general manager for intermediaries Andrew Mair said Waller’s leadership skills in his previous management role, and his commitment to the retail channel, had shown he was worthy of the new position. “Dan is focused on how we better support intermediaries through these times of significant change,” he said. “This permanent position is testament to the strong leadership for which he is recognised by both Suncorp and the industry.”

ING has hired a new head of corporate client coverage, transaction services and corporate finance Asia. Former Deutsche Bank head of MNC Coverage APAC Eddy Henning has been appointed to the position after Manuel Salak III stepped down from the role following 23 years at ING. In his new position, Mr Henning will “provide senior banker coverage for Asian corporate clients and MNCs in ING’s Asian offices”, a statement from ING said.

Mr Henning will report to ING wholesale banking chief executive Gerrit Stoelinga, who said Mr Henning brought experience of working with global corporate clients to the role. His in-depth knowledge of the region, and strong track record of running teams and client relationships will be instrumental as we look to grow our Asia business,” Mr Stoelinga said. While Mr Henning was employed at Deutsche Bank, he assumed responsibility for corporate clients spanning 14 countries in Asia-Pacific and held management roles in the bank’s regional German businesses.

AMP Capital will no longer offer fundamental Australian equities products, turning its focus instead to equity income, small caps and rules-based products. AMP Capital has continued the restructure of its equities business, announcing it will no longer offer benchmark-aware, core Australian equity products. The decision will see the departure of current head of Australian fundamental equities Michael Price, who joined the firm in June 2015.

Following the restructure, the Australian equities division of AMP Capital will now consist of three teams: equity income, co-managed by Tom Young and Dermot Ryan; small caps, headed up by Phillip Hudak; and ‘systematic’ (or rules-based), led by Genevieve Murray, who will join AMP Capital from Macquarie on 16 October. The past year and a half has also seen a restructure of AMP Capital’s global equities and fixed income teams, with chief investment officer for both divisions Mark Beardow leaving the firm in March 2017. Mr Beardow’s departure saw David Allen promoted to global chief investment officer of equities, with group CEO Adam Tindall taking a more direct responsibility for global equities and fixed income.